Headline

Oil Prices Jump As Hamas-Israel Attacks Fuel Supply Fears

Published

11 months ago

October 9, 2023

Israel, reeling from the deadliest attack in half a century, formally declared war on Hamas Sunday as the conflict’s death toll surged above 1,000 after the Palestinian militant group launched a massive surprise assault from Gaza.

Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East.

The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia’s output cuts.

It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.

The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.

“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes.

“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”

Both main contracts surged more than five percent in early Asian business before easing back as the day wore on.

However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.

“Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilises.

“But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario.”

A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.

The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.

Gold, another key haven, gained around one percent.

Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.

There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose in shortened trade, having been closed in the morning owing to a typhoon.

Sydney and Jakarta eked out gains. Tokyo was closed for a holiday.

London edged up while Paris and Frankfurt were lower.

The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing.

The “Goldilocks” figures — neither too strong nor too weak — lifted optimism the world’s top economy can avoid a recession even as the Federal Reserve keeps rates elevated.

Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target.
AFP

Headline

Woman Who Married Herself Files For Divorce After One Year

Published

2 hours ago

September 14, 2024

Editor

A London-based influencer, Sullen Carey, has divorced herself after just one year of marriage. The 36-year-old Brazilian model made headlines last year when she wed herself in a ceremony widely recognized as “sologamy.”

She shared the unconventional event with her 400,000 Instagram followers, attracting significant media attention worldwide.

According to reports, Carey’s decision to end her solo marriage came despite her efforts to make it work, including attending couples therapy sessions by herself.

Suellen sought therapy to navigate her emotions, undergoing 10 sessions to save her self-marriage. Ultimately, she decided that ending the marriage was the healthiest choice. “I was putting a lot of pressure on myself, which left me exhausted,” she confessed, acknowledging the emotional toll it had taken.

Though she described marrying herself as an “enriching” experience and a journey of self-discovery, Suellen said she has no regrets about ending it. “I realised my sologamous marriage was a healing process, but personal growth can lead us in different directions,” she explained.

Suellen said she is ready for a new chapter, expressing openness to a traditional relationship. “I’ve decided it’s time to move on and open my heart to new possibilities, including finding a partner.”

Headline

US Court Sentences American To 40 Years For Beheading Gokada Nigeria Founder

Published

17 hours ago

September 13, 2024

Editor

A 25-year-old American man, Tyrese Haspil, has been sentenced to 40 years to life in prison for the murder of his former boss, Fahim Saleh, 33, in New York City.

Saleh was the founder and CEO of Nigerian transportation company, Gokada.

People.com reports that Haspil, who worked as Saleh’s executive assistant, had been embezzling funds from his employer and killed him to avoid being caught.

Haspil’s sentencing followed his conviction by a New York State Supreme Court jury two months ago.

He was found guilty of first-degree murder, second-degree grand larceny and other charges.

The Manhattan District Attorney, Alvin Bragg Jr., in a press release on Tuesday, said, “Today, Tyrese Haspil is facing accountability for brutally murdering and decapitating Fahim Saleh, a kind, generous, and empathetic person who positively impacted the world.

“Even after the defendant stole from him to fund a lavish lifestyle, Mr. Saleh still gave him a second chance. While today’s sentence won’t bring Mr. Saleh back, I hope it provides his family a sense of closure as they continue to mourn his painful loss.”

According to prosecutors, surveillance footage captured Haspil entering Saleh’s apartment building in Lower Manhattan on July 13, 2020, and following him into the elevator.

Upon exiting the elevator, which led directly into Saleh’s apartment, Haspil deployed a taser against Saleh’s back and then repeatedly stabbed him in the neck and torso with a knife, resulting in his death.

Surveillance footage of convicted killer Tyrese Haspil, who killed and decapitated his mentor, tech CEO Fahim Saleh, after embezzling nearly $400,000. Photo: Manhattan District Attorney’s Office/ New York Post
The next day, Haspil returned to the apartment where he “dismembered and decapitated Mr. Saleh’s body using the saw and placed the body parts in pre-ordered construction bags,” as stated in the release.

Saleh’s cousin made the discovery after visiting his apartment to check on his welfare, having not received any communication from him in 24 hours. She immediately notified the police.

Prosecutors stated that Haspil left the apartment to obtain a battery charger for the saw but did not return after observing police in the building.

He was arrested four days later at an Airbnb location he had rented to celebrate his girlfriend’s birthday.

The Gokada founder had discovered Haspil’s embezzlement of thousands of dollars from his accounts, to which Haspil had access as his executive assistant since 2018.

The district attorney’s office said that Haspil set up a Paypal account and a corporate bank account to funnel Saleh’s money.

Haspil generated fake financial statements and used a name that closely resembled those of legitimate transactions, making it difficult for Saleh to detect the embezzlement.

“Haspil resigned in May 2019, knowing Mr. Saleh would learn about the embezzlement, yet continued to steal money [and] increasing the amounts,” prosecutors said.

The district attorney’s office reported that Haspil repaid Saleh using funds obtained through the PayPal scheme, but the embezzlement continued, ultimately reaching an estimated total of $400,000.

According to prosecutors, Haspil had plotted to murder Saleh at least three times before ultimately carrying out the crime in July 2020, reportedly in an attempt to hide the embezzlement and prevent Saleh from potentially serving as a witness against him.

Saleh’s company issued a statement after his passing, describing his dedication to Nigeria and its youth as “immeasurable.”

“He believed young Nigerians are extremely bright and talented individuals who would flourish if just given the right opportunity.

“Fahim also believed that technology can transform lives and improve safety and efficiency. He built Gokada to act upon these beliefs,” the statement read.

Gokada is a ride-hailing service in Nigeria which launched in 2017 before diversifying into Logistics and Food Delivery in 2020.

Headline

How Nigerian Lawyer, Ogebe Secured Release Of Nigerian Man From Death Row In Indonesia

Published

17 hours ago

September 13, 2024

Editor

Emmanuel Ihejirika, a Nigerian man sentenced to death for drug trafficking in Indonesia, has been freed after spending several years in prison.

The news of his release was disclosed by Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NIDCOM), in a statement on Friday through the organization’s spokesman, Gabriel Odu.

Ihejirika’s release was made possible through the efforts of Emmanuel Isha Ogebe, a Nigerian lawyer based in Washington D.C., who took up his case pro bono.

Dabiri-Erewa, speaking after a meeting with Ogebe in Washington D.C., lauded the lawyer for his selflessness and dedication in handling the case.

Years earlier, a Nigerian delegation led by the former Minister of Foreign Affairs, Ambassador Ojo Madueke, and including Hon. Abike Dabiri-Erewa, who was then a member of the House of Representatives, and former NDLEA Chairman Mr. Ipinmosho, visited an Indonesian prison to plead for clemency on behalf of 21 Nigerians sentenced to death for drug trafficking.

Despite their efforts, four of the convicts, alongside an Indonesian and a British citizen, were executed.

Ogebe later reached out to Dabiri-Erewa to request her intervention in Ihejirika’s case, which appeared to involve mistaken identity.

Ogebe offered his services for free and took the case to Indonesia’s Supreme Court, where Ihejirika was eventually exonerated and freed.

Dabiri-Erewa emphasised the severe consequences of drug trafficking in Indonesia, where the penalty is death, and urged Nigerians to avoid criminal activities.

She also commended Ogebe for his remarkable contribution and thanked the Nigerian Charge D’Affaires in Indonesia, Ms. Patricia Alechenu, for her unwavering support throughout the case.